Osborne plans loan guarantee scheme
Chancellor George Osborne announced a “credit-easing programme” for small businesses and ruled out tax cuts in his speech to the Conservative Party Conference earlier today.
“We’d be gambling the priceless fiscal credibility that this government has earned with the international markets on the bet that borrowing a few billion pounds more would make all the difference,” he said, arguing temporary cuts would place risk on the current low interest rates.
Instead, the chancellor called for loan guarantees to boost small businesses: “Everyone knows Britain’s small firms are struggling to get credit and banks are weak.
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